Terra Luna Classic Plans Major Upgrade, LUNC to $1 Amid XRP-Like Breakout?

Terra Luna Classic community votes on a crucial proposal to upgrade the chain for simplified tax handling and security. This update will also help developers and dapps from the broader Cosmos ecosystem to build on the Terra Classic network. Meanwhile, LUNC price chart sees a triangle pattern breakout similar to XRP, sparking speculation of a rally to $1.

Terra Luna Classic v3.3.0 Chain Upgrade Proposal

Software upgrade proposal 12148 titled “Upgrade to v3.3.0” is under voting on the Station wallet. The Terra Luna Classic upgrade proposal is added by popular developer StrathCole, as per GitHub data. If the proposal is passed, the chain will be halted block height 21163600, approximately on December 17 at 12:57:47 UTC.

The chain upgrade proposal seeks LUNC validator and community approval to update the terrad client to v3.3.0. The upgrade introduces a new simplified tax handling. This helps boost utility on the Terra Luna Classic, removing barriers for developers and dapps wanting to build on the chain.

The voting details indicate validators and delegators are in favor of the long-awaited upgrade. All 39 validators  who participated in voting, including JESUSisLORD, Burrito Node, Vegas Node, and TerraCVita, have voted “Yes,” indicating major support for the proposal.

XRP-Like Patterns on LUNC Price Chart

XRP price saw a massive rally to break above $1 mark after a symmetrical triangle breakout amid Trump trade. XRP ETF filings, SEC Chair Gary Gensler’s resignation, and RLUSD stablecoin launch hype have further fueled the price of the crypto.

Terra Luna Classic chart also makes a similar triangle pattern and successfully breaks above the triangle in the weekly timeframe. However, traders book profit as the price reached between 0.50 and 0.61 Fibonacci retracement levels.

LUNC price is currently trading at $0.00017, up 6% in the last 24 hours after over 40% rally this week. The price saw a monthly uptrend of more than 90%.

If the price closed above $0.00018 this week, a move to $0.0005 is imminent. However, a further rally like XRP will continue only with high trading volumes. LUNC price surged 30% after a 1.7 billion token burn by Binance.

StakeBin data indicates that delegators have unstaked tokens for trading. The Terra Luna Classic community developments and upgrade may bring the necessary trading volume to push the price to 1 Fibonacci retracement mark.

Meanwhile, USTC price has climbed more than 20% in a week to hit $0.030. Terra (LUNA) price rallied 52% in a week after Binance increased leverage by four times. The price hit a high of $0.79 amid the bullish momentum.